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Bankruptcy

Options for Debtors Whose Co-Signers File Bankruptcy

It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …

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What Happens When You Can’t File Bankruptcy?

There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …

What Happens When You Can’t File Bankruptcy? Read More »

What Happens When You Can’t File Bankruptcy?

There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …

What Happens When You Can’t File Bankruptcy? Read More »

What Happens to Retirement Accounts in Bankruptcy?

As Americans age, they sometimes accumulate substantial assets, such as pension rights, individual retirement accounts (IRAs) and 401(k) pension accounts. They can also accumulate substantial debts, so the question becomes, how are these retirement savings treated in New York bankruptcy? The short answer is, quite charitably. But first let me establish some important points. One, …

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How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

How Much Do You Need to Be Able to Pay in Chapter 13?

It’s one of the most important questions debtors can ask, particularly if their incomes are above the median for their state and they don’t expect to pass the means test. There are three tests the Bankruptcy Code applies to debtors’ repayment plans before they can be confirmed. A plan must pass all three tests and …

How Much Do You Need to Be Able to Pay in Chapter 13? Read More »

Why Convert a Chapter 13 Bankruptcy to Chapter 7?

Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …

Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »

Why Convert a Chapter 13 Bankruptcy to Chapter 7?

Most New York bankruptcies are filed in chapter 7 because debtors have mainly unsecured consumer debts and don’t have the income for a chapter 13 repayment plan to be feasible. Others, though, prefer the benefits of chapter 13, but once they’re partway into it, they find that chapter 7 might be a better fit after …

Why Convert a Chapter 13 Bankruptcy to Chapter 7? Read More »

What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan?

One might think that the answer to that question is “nothing,” but that’s not true. It is sometimes worthwhile for debtors to file chapter 13 New York bankruptcy intending to pay their creditors in full even if the discharge isn’t really necessary—a filing referred to as a 100 percent repayment plan. Obviously it doesn’t happen …

What Are the Benefits of a 100 Percent Chapter 13 Repayment Plan? Read More »

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